ADX Signs LOI With Rift - Further Farmout Of Chorbane Permit
Perth, Nov 28, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) announces that its wholly-owned subsidiary Alpine Oil & Gas Pty Ltd. ("Alpine") has entered into a letter of intent ("LOI") with Rift Basin International Corp. ("Rift").Under the terms of the LOI it is proposed that Rift, through Rift Basin International, will farm-in for a 15% participating interest in the Chorbane exploration permit located in Tunisia (the "Proposed Transaction").
Rift has already made a good faith payment of US$100,000 to ADX. The Proposed Transaction is subject to a number of conditions, including but not limited to, applicable regulatory approval (including approval of the TSX Venture Exchange), due diligence and the execution of a definitive farmin agreement (the "Definitive Agreement"). The parties have agreed that the LOI will terminate on December 15, 2012 unless earlier superseded by the Definitive Agreement.
ADX will provide full details of this transaction when a Definitive Agreement has been executed and there is a high degree of confidence that a transaction will be completed. Rift's good faith payment will be non refundable.
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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